Find the Least Amount That Could Be Deposited in a Bank

question 288

Multiple Choice

Find the least amount that could be deposited in a bank account today at 8% compounded semiannually to allow $1,875 withdrawals at the end of each 6 months for 12 years.

• A) $29,291.40
• B) $65,161.95
• C) $27,856.58
• D) $28,588.05

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Definitions:

Extended Warranty

An additional warranty that consumers can purchase to extend the warranty period beyond the standard warranty offered by the manufacturer or seller.

Maintenance Plan

A strategy for regularly scheduled maintenance activities intended to ensure the long-term efficiency and reliability of equipment, systems, or buildings.

Associated Services

Additional services that are provided with a main product or service to enhance customer satisfaction and experience.

Unsought Product

Goods that consumers do not normally think of buying or do not know exist until they see them.